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USDJPY rebounded sharply from 88.24

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 28, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDJPY rebounded sharply from 88.24, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 88.24 and 90.60 is expected in a couple of days. As long as 90.60 resistance holds, the price action from 88.24 is treated as consolidation of downtrend from 92.53 and further fall to test 87.12 (Jan 21 low) long term critical support is still possible after consolidation, however, a break above 90.60 resistance will indicate that downtrend from 92.53 has completed, then further rise could be seen to 91.00 or even higher.


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